This unit explores the journey from ideas generation through to the launch of a new product or service. It examines the processes behind new product development (NPD) and it also considers the potential risks involved. Through the combination of theory and practice students will develop knowledge and understanding and be able to apply that knowledge within either an organisational or entrepreneurial context.
Almost every day we encounter new products and services through a variety of marketing promotions. But how do they get from a single idea to, in some cases, becoming a household item and brand? How did, for instance, the mobile phone, e-books, 24/7 banking services and fast food become part of our lives? Moreover, why do some products enjoy a long and profitable life span, whilst others disappear almost overnight? What are the secrets to success?